This study analyzed the relationship of ownership structure,private benefits and takeover under the Chinese listed companies institution setup of dominant shareholder and weaker investor protection.
本文从我国上市公司一股独大和投资者保护较弱的制度背景出发,以博弈模型分析了股权结构、私有收益与控制权转移的关系,证明了初始股东可以以较低的持股比例保留控制权,获取私有收益,并在经营绩效下降时通过转移控制权获取新控股股东的部分私有收益;潜在的控股股东即使入主后不能提高公司的经营业绩,也可以通过协议转让形式以较低的成本获得公司控制权,以获取私有收益。
The relationship of ownership structure and firm performance is always the focus of researchers;the authors believe that the relationship is activated by some mechanisms or factors intermediate,so the authors introduce the private benefits of corporate control in this study.
结果表明,我国上市公司的股权结构普遍存在大股东控制的情况,在大股东控制下,容易出现大股东以资金占用等形式获取私有收益,从而损害公司经营绩效的现象。
Researchers made great deal of studies on the market responses to the transfer, while seldom in view of private benefits of corporate control.
控制权转移可以引起公司股票价格以及股东财富的变化,国内外学者对此进行了大量研究,但鲜有结合控制权私有收益的分析。
Through implement of MBO in the past,it has exposed a lot of question,such as purchasing main part,purchasing price,purchasing fund hazard.
笔者对以往实施MBO所暴露出许多诸如收购主体、收购价格、收购资金风险等问题及对策提出拙见。
The increase of purchasing price for peasants farming initiative has been considered as an effective way to solve these in problems in agriculture.
近几年,中国农产品产量一直徘徊不前,通过引入市场竞争提高农产品收购价格,刺激农民务农积极性一直被视为解决“三农”问题的有效途径之一。
Taking advantage of US s MBO experience combined with China s concrete environment,this paper analyzed some problems in the practice,such as the illegal purchase body;unfair purchase price and non-normative sources of fund.
借鉴美国管理层收购的实践经验,结合中国具体的实施环境,分析了管理层收购(MBO)实践过程中存在收购主体不具备合法性、收购价格不公平合理和资金来源缺乏规范性等方面的问题,提出了进一步推进我国MBO的政策建议,认为应进一步减少实施MBO的法律障碍、增加收购透明度、拓宽融资渠道等。
Research Progress on the Large Shareholders' Private Benefits from Control Power
大股东控制权私有收益相关研究进展
Study on the Private Benefits of Control of China's Listed Companies;
中国上市公司控制权私有收益问题研究
A Research of Private Benefits of Control in Closely-held Listed Corporations;
股权集中型上市公司控制权私有收益研究
Private Value of Corporate Control: Evident from Equity Transaction in Non-negotiable Stock Market;
基于非流通股股权转让的控制权私有收益分析
An Empirical Analysis of Large Shareholders Expropriation Based on Private Benefits of Control;
基于控制权私有收益的大股东侵害实证研究
Research on Private Benefits of Control by Controlling Shareholders in China s Listed Companies;
中国上市公司大股东控制权私有收益问题研究
Private Benefit of Control,Agency Problem,and Merger Process and Acquisition;
控制权私有收益、代理问题和企业并购过程研究
Market Response to the Transfer of Controlling Rights:In View of Private Benefits;
控制权转移的市场反应——基于私有收益视角
An Empirical Study on the PBC of China s Listed Company;
中国上市公司控制权私有收益实证研究
On the Magnitude of Private Benefits of Control in Chinese Listed Companies;
我国上市公司控制权私有收益的规模研究
Transparency of Information and the Controlling Shareholder of Private Benefits of Relationship
信息透明度与控股股东私有收益的关系研究
Executive Equity-Based Compensation,Executive Private Benefits and Corporate M&As
高管持股、高管的私有收益与公司的并购行为
An Empirical Research on the Directions of Capital Investment and Private Benefit Snatch
资本投向与控制权私有收益攫取的实证研究
Analysis on the problem of private benefits of corporate control in post non-tradabe share reform era
后股权分置时代我国公司控制权私有收益问题
Capital Allocation and Firm Value of Private Benefits of Control
控制权私有收益的资本配置与公司价值
Investor Benefit Protection of State-owned Listed Companies: Evidence from Private Benefits of Corporate Control;
国有上市公司投资者保护:基于控制权私有收益的检验
Research on Relationship between Private Benefits of Control and Performance in Chinese Listed Companies;
我国上市公司控制权私有收益与公司绩效的关系研究
A Study on Measure Method of Private Benefits of Control of Listing Company in China;
中国上市公司控制权转移私有收益度量方法研究
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